Ubm Development Ag · VIE:UBS
Ubm Development — FY2025 Earnings Presentation
44 slides from Ubm Development's earnings presentation, Mar 27, 2026
Slide 1: full-year results 2025
green. smart. and more. full-year results 2025. Investor Presentation 27 March 2026
Slide 2: disclaimer
DISCLAIMER disclaimer. This presentation was prepared by UBM Development AG (the "Company" or "UBM Development") solely for use at investors’ meetings and also includes oral statements made at the investors’ meetings and any material distributed in connection with this presentation (together the "Pr
Slide 3: highlights. full year 2025
SUMMARY highlights. full year 2025. 1 full year profitability. promised & over-delivered. q4 profit over-compensated q1 loss. 2 452 apartments sold. promised & delivered. demand-supply gap widens. 3 €118m cash. above expectations. senior bond repayment out of cash inflows. 4 raising subordinated deb
Slide 4: back in the black. promised and over-delivered
PROFITABILITY 2025 1 back in the black. promised and over-delivered. ▪ Return to profitability following two challenging years back to Earnings before tax 7.7 profitability ▪ Revenue driven by successful apartment sales in € m 1.9 0.5 ▪ Net debt well under control 60 2025 ▪ Headcount further reduced
Slide 5: all-time high. individual apartment sales
RESI BOOM 2 all-time high. individual apartment sales. units sold.¹ 2023, 2024, 2025 +12% strong demand 452 403 355 283 improved market conditions 208 87 97 96 77 37 51 rising sales prices 16 Q1 HY Q1-3 FY outperforming previous years. driven by Vienna and Prague sales. market dynamics continue. 1 b
Slide 6: cash management. equity ratio. continuous focus
FINANCIALS 3 cash management. equity ratio. continuous focus. Cash Equity and Equity Ratio in € m in € m / in % 32.1 30.3 30 30.4 30.2 29.4 30.1 30 29.1 €89m repayments 380 371 361 358 351 351 344 349 200 335 179 168 152 143 143 142 128 118 2023 Q1 2024 HY 2024 Q3 2024 FY 2024 Q1 2025 HY 2025 Q3 202
Slide 7: reliable issuer. raising Genussrecht in q2 2026
BONDS 4 reliable issuer. raising “Genussrecht” in q2 2026. Repayment profile bonds (incl. Hybrid) in € m 4.4 129 3.2 €73m will be repaid May 21, no bond issue planned in H1/2026 93 73 18.5 75 65 €56m will be repaid upon step-up (June 18) 50 56 0 2026 2027 2028 2029 2030 >2030 ✓ Hybrid capital to be
Slide 8: portfolio re-balancing. affordable housing
BUSINESS MODEL 5 portfolio re-balancing. affordable housing. Reshuffle resources towards Affordable Housing. ▪ Affordable Housing (“Bezahlbares Wohnen”) is going to be the next big thing in Europe, particularly in UBM´s markets ▪ Objective: The cost of housing must not exceed 30-35% of net household
Slide 9: portfolio re-balancing. freeing up cash. affordable housing
PORTFOLIO 5 portfolio re-balancing. freeing up cash. affordable housing. €2.2bn €0.3 €1.9bn €0.74bn standings, €0.36* €0.76 office/ €0.8 non-strategic cash potential light ind. projects €1.1bn €0.37 selected office/ light ind. €0.8-1.1bn €1.14 residential Affordable €0.73 premium Housing living Pipe
Slide 10: outlook
OUTLOOK 6 outlook. 2026 portfolio re-balancing. ▪ re-shuffle resources to Affordable Housing ▪ free up cash from standings and non-strategic projects ▪ adjust workforce to newly-cut portfolio 2027 benefit from new balance ▪ less competition ▪ widening supply-demand gap ▪ almost no repayments 8 UBM D
Slide 11: backup I. backup II.
backup I. ▪ ubm at a glance 10 ▪ green. smart. and more. 11-13 ▪ hotels 14 ▪ financials 15-21 ▪ cashflow 22-23 ▪ investor relations 24-26 backup II. ▪ portfolio re-balancing. 2026. 27
Slide 12: ubm. at a glance
AT A GLANCE ubm. at a glance. focus. ▪ Residential and Light Industrial & Office ▪ Major European cities ▪ green. smart. and more. pipeline. ▪ € 1.9bn (pro rata over the next four years) ▪ More than 300,000m² of timber (hybrid) construction ▪ 90% in Germany and Austria stock exchange. ▪ Prime Market
Slide 13: global co2 emissions
GREEN. SMART. AND MORE. global co2 emissions. Other emissions 8% Bricks, glass & Other traffic 6% other Road freight & buses 6% 34% Car traffic 10% Building operation 74% Concrete, Industry emissions 30% aluminum & steel Infrastructure construction = 6% of total 3% CO2 emissions 66% Building constru
Slide 14: timber construction. benefits
GREEN. SMART. AND MORE. timber construction. benefits. CO2 footprint – climate neutrality. ▪ one m³ of wood stores one ton of CO2 ▪ one m³ of concrete produces approximately 0.6 tons of CO2 Time and cost advantages. ▪ almost half of conventional construction time ▪ scale effects through standardisat
Slide 15: best in class. ratings
GREEN. SMART. AND MORE. best in class. ratings. ISS ESG 1 ▪ Prime Status (B-) ▪ 5 years sector leader in Germany & Austria EcoVadis 2 ▪ Platinum Status (Top 1%) ▪ 3rd year in a row CDP Ratings 3 ▪ B for Climate Change (4th year in a row) ▪ B for Water Security (second time) ▪ A- for Supplier Engagem
Slide 16: hotels. leasing business
HOTELS hotels. leasing business. “covid” hotels – on balance sheet hotel operation portfolio – 3,912 rooms Bricks, glass & other Andaz Prague Voco The Hague ubm hotels business model Management fees 17 hotels Hotel Lease payment (ca. 2,3 bn Hotel Hiex Potsdam ownerBuilding operator Hiex Düsseldorf L
Slide 17: key performance indicators
FINANCIALS key performance indicators. Key Earnings Figures (in € m) 1-12/2025 1-12/2024 %Δ Total Output 357.4 424.9 -15.9% Bricks, Revenue 139.2 106.2 31.1% glass & EBT 3.9 -23.2 >100% other Net result (before non-controlling interests) -2.3 -29.6 92.2% Key Asset and Financial Figures (in € m) 31 D
Slide 18: total output and EBT. segment reporting
FINANCIALS total output and EBT. segment reporting. in € thousands Bricks, Total Output by region3.2 1-12/2025 1-12/2024 %Δ EBT by region 1-12/2025 1-12/2024 glass & Germany 50,295 61,008 -17.6% Germany other -17,171 -24,787 Austria 168,478 133,519 26.2% Austria 21,914 13,702 18.5 Poland 55,948 105,
Slide 19: total output and revenue. bridge
FINANCIALS total output and revenue. bridge. in € m 357.4 13.2 Rentals Bricks, glass & other 90.2 Hotel operations2 42.0 General contracting & project management 139.2 2.2 4.0 20.4 212.1 Proceeds from sale of properties 112.7 Management fees 1 Total Output Revenue 1 Total Output corresponds to the r
Slide 20: balance sheet. assets
FINANCIALS balance sheet. assets. in € thousands 31 Dec 2025 31 Dec 2024 %Δ Non-current assets Intangible assets 1,581 Bricks, 1,818 -13.0% 3.2 glass & Property, plant and equipment 8,474 9,601 -11.7% other Investment property 276,216 294,938 -6.3% Investments in companies accounted for at equity 10
Slide 21: balance sheet. equity & liabilities
FINANCIALS balance sheet. equity & liabilities. in € thousands 31 Dec 2025 31 Dec 2024 %Δ Equity Share capital 52,305 52,305 0.0% Treasury shares - 2,594 Bricks, - - Capital reserves 3.2 100,984 glass & 98,954 2.1% Other reserves 74,077 85,151 -13.0% Mezzanine/hybrid capital 124,782 other 101,605 22
Slide 22: cashflow. net debt reconciliation
CASHFLOW cashflow. net debt reconciliation. in € m Bricks, 3.2 glass & 120.563 545.864 other 527.606 39.095 18.5 24.412 3.376 446.138 3.491 413.112 5.238 136.243 4.4 29.3 22.6 Management fees Net debt Sales Operat. Net Dividend Interest Tax Net Invest- Hybrid & Net debt 31 Dec 24 proceeds1 CF2 debt
Slide 23: cashflow. net debt reconciliation
CASHFLOW cashflow. net debt reconciliation. Sales Operating CF Dividends Interest Tax Investments Other Net debt neutral in € T Proceeds incl. WC (net) (net) (Income Tax) Profit/Loss for the period - 2,315 -1,061 -3,376 Depreciation, impairment & reversals of impairment on fix & fin. Assets 9,482 9,
Slide 24: bonds. overview
FINANCIALS bonds. overview. Bond Term Nominal (in € m) Coupon 3.125% Sustainability-linked bond 2021-2026 72.7 3.125% 7.00% Green Bond 2023-2027 50.0 7.00% 7.00% Green Bond 2024-2029 93.0 7.00% 6.75% Green Bond 2025-2030 75.0 6.75% 5.50% Sustainability-linked Hybrid Bond unlimited maturity1 56.4 5.5
Slide 25: financing structure
FINANCIALS financing structure. Annual Debt Maturity Profile in €m1 250 3.2 Group Debt Structure1 200 80 18.5 Average Cost of Debt: 5.18% p.a. 50 150 Long- & Short-Term Financial Liabilities: € 327.3m 2 (average 4.41% p.a.) 100 Bonds: € 320.2m 3 (average 5.97% p.a.) 134 29.3 140 93 121 Hybrid Capita
Slide 26: shareholder structure
INVESTOR RELATIONS shareholder structure. Shareholder Structure Free Float – Geographical Split2 Treasury Shares (1.6%) Strauss Group (0.9%) J. Dickinger Rest of world 18.5 France IGO Industries 5.0% 4% 7% 7.0% Syndicate Free float 1 Austria USA 9% 38.8% 46.7% 80% Data as of 31 December 2025 1 Free
Slide 27: coverage. regular research
INVESTOR RELATIONS coverage. regular research. Bank Analyst Price target Recommendation Date M.M. Warburg1 Simon Stippig €32.40 Buy 02.12.2025 Montega Christian Bruns €31.00 Buy 26.09.2025 SRC Research Stefan Scharff €30.00 Buy 27.11.2025 Erste Group Christoph Schultes €28.00 Buy 27.11.2025 ODDO BHF
Slide 28: investor relations
INVESTOR RELATIONS investor relations. Financial Calendar 2026 Shareholder Information Publication of the Annual Report 2025 27 Mar 26 Share price € 19.851 145th Annual General Meeting, Vienna 21 May 26 Market capitalisation € 148.30 Mio. Publication of the Q1 Report 2026 28 May 26 No. of shares out
Slide 29: portfolio re-balancing. 2026
portfolio re-balancing. 2026. 27
Slide 30: portfolio re-balancing. 2026
portfolio re-balancing. 2026. 1 strategic repositioning. proven track record. start base. 2 portfolio re-balancing. in three steps. 3 premium pipeline. standings. non-strategic projects. 4 two product strategy. 5 development calculation. affordable housing. premium. 6 illustration. porr living. 28 2
Slide 31: strategic repositioning. track record. start base
TRACK RECORD 1 strategic repositioning. track record. start base. First mover From #1 hotel developer to leading timber-hybrid developer in Europe. advantage Equity-Ratio Repositioning. out of a position of strength. >30% Pipeline Long-time expertise across resi and pre-fab. ~2.000 units Timber-Hybr
Slide 32: portfolio re-balancing. in three steps
NEW PIPELINE 2 portfolio re-balancing. in three steps. STEP 1 STEP 2 STEP 3 2.2bn 1.9bn -40% 0.74bn standings, 0.76 office/ 0.36bn* non-strategic light ind. cash potential projects 1.1bn selected office/ 0.37 light ind. 0.8-1.1bn 1.14 Affordable residential Housing 0.73 premium living Pipeline Q3/25
Slide 33: portfolio re-balancing. step 1. focus
NEW PIPELINE 2 portfolio re-balancing. step 1. focus. units sold. 2023, 2024, 2025 452 -40% 355 403 Berlin 283 78 208 1.9bn 87 97 77 96 51 Frankfurt Kraków 16 37 141 Prague 82 353 Q1 HY Q1-3 FY Munich 366 Vienna Premium residential pipeline reduced to 754 Rest ~ 2,000 units 211 > 450 units sold in f
Slide 34: portfolio re-balancing. step 2. cash release
NEW PIPELINE 2 portfolio re-balancing. step 2. cash release. Standing Assets €304 m Cash Potential* Hotel. Office. PremiumResi. residential pipeline reduced to 1.9bn ~2,000 units ▪ Andaz, Prague ▪ LeopoldQuartier A ▪ HAVN, Mainz ▪ Voco, Den Hague ▪ Timber Pioneer ▪ Flösserhof, > 450 units Mainz sold
Slide 35: portfolio re-balancing. step 3. growth
NEW PIPELINE 2 portfolio re-balancing. step 3. growth. Re-Balance ~ 2.2bn Capital generated from cash release (Step 2) will be reshuffled to Affordable affordable housing Housing 0.8-1.1bn ▪ Implementation of a two-product strategy in residential development 1.1bn (Affordable & Premium) ▪ Building a
Slide 36: development pipeline
PIPELINE 3 development pipeline. Project Asset class Apartments/Rooms/GFA* Share Timber-Hybrid Completion Status Leopold Quartier BT D, Vienna Residential 178 apartments 100% Yes 2026 Partial Sale Village im Dritten, Vienna Residential/Office 492 apartments 51% No 2026 Partial Sale Na Plzeňce Phase
Slide 37: standing assets
STANDING ASSETS 3 standing assets. Asset Asset class Rooms Share Completion Brand Sugar Palace, Prague Hotel 176 rooms 60% 2022 Andaz Hotel Kneuterdijk, The Hague Hotel 204 rooms 100% 2021 Voco Hotel Moskauer Straße, Düsseldorf Hotel 455 rooms 50% 2023 HIEx Hotel am Kanal, Potsdam Hotel 198 rooms 50
Slide 38: standing assets. non-strategic assets
STANDING ASSETS & NON-STRATEGIC ASSETS 3 standing assets. Asset Asset class Apartments Share Completion Sold HAVN, Mainz Residential 44 apartments 100% 2025 23 apartments Flösserhof, Mainz Residential 92 apartments 50% 2024 82 apartments Arcus City III, Prague Residential 62 apartments 100% 2024 61
Slide 39: portfolio re-balancing. geographical split
NEW PIPELINE 3 portfolio re-balancing. geographical split. Pipeline by country1 Cash Release Assets by country €1.9bn Austria Germany 33% €0.74bn Cash Austria 35% Release 0.74bn 55% €1.1bn €0.74bn 33% 34% 10% Germany Residential Czech Republic 0.73bn Other €1.1bn Office 0.37bn Pipeline Q4/2025 Pipel
Slide 40: two-product strategy
RESIDENTIAL 4 two-product strategy. Affordable Housing Premium Living Strategic role Volume driver (“home cooking”) Margin driver (“gourmet”) Target group Middle income Upper income Construction Technology agnostic, Building Sytems Timber-Hybrid, Standardised Project size Scalable Medium/large Broad
Slide 41: affordable housing. development calculation
AFFORDABLE HOUSING 5 affordable housing. development calculation. Affordable Housing ▪ assumes a monthly net rent of €15/m² and net €150 per parking stall² as well as a 4% yield EUR / m² 1 (25x annual rent) for the investor ▪ there is an interdependence between monthly rent levels and land acquisiti
Slide 42: premium living. development calculation
PREMIUM LIVING 5 premium living. development calculation. Premium Living ▪ standardisation, simplification, modularisation EUR / m² 1 ▪ pre-fabrication 8,446 ▪ halfing construction time ▪ answer to an increasing lack of skilled workers 1,656 margin ▪ bathroom modules (in residential) ▪ overcapacity
Slide 43: illustration. porr living
BACKUP 6 illustration. porr living. @PORR INSTA-BLOC Timber frame Concrete Slim-Walls external wall elements @PORR Balconies Central heat Pre-wall Plug-in cable Floor boxes with PV pump systems units connections element construction system. high degree of prefabrication. 41 UBM Development AG – Inve
Slide 44: ubn
ubn development